2027: Makinde rejects subsidy, proposes cheaper domestic crude pricing

Oyo State Governor Seyi Makinde is advocating for a new approach to petrol pricing in Nigeria, challenging the current method of subsidizing fuel. Makinde contends that being an oil-producing nation should enable cheaper fuel for citizens, rather than the status quo of high prices. During the inauguration of his presidential campaign office in Abuja, Makinde emphasized that the solution to elevated petrol prices does not lie in reintroducing subsidies, but in reevaluating how crude oil is priced and supplied to domestic refineries.

He proposed that the benefits of crude oil production should be integrated into the domestic refining system, rather than allowing consumers to absorb the full cost of international pricing and other expenses. Makinde stressed that Nigeria should not allow domestic consumers to bear the burden of the country's dependence on imported oil.

He argued that the arrangement should result in direct and measurable benefits for Nigerians, with the final price breakdown made transparent across the entire petroleum value chain, from production and allocation to refining, transportation, distribution, taxation, and retail margins.